MannKind (MNKD) Cash Flow: Operating & Free Cash Flow

MannKind Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for MannKind Corporation (MNKD) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	5.86	27.59	-11.94	-87.40	-80.93	-57.24	-51.90	-86.98	-117.33
Depreciation & Amortization	12.28	9.04	4.54	6.29	3.24	3.33	2.15	1.70	3.53
Deferred Income Tax	-4.97	0.00	0.00	0.00	12.64	10.66	-4.57	0.00	12.94
Stock Based Compensation	24.20	21.36	17.65	0.00	12.20	6.51	6.20	6.86	4.85
Change in Working Capital	-86.35	-36.47	16.73	-24.05	-17.73	-9.78	-12.36	36.68	27.58
Change in Accounts Receivable	-4.76	2.65	2.35	-11.81	-0.78	-0.71	0.50	-1.34	-2.49
Change in Inventory	10.40	-3.20	-11.35	-5.67	-4.08	-1.31	-0.56	-3.15	-3.30
Change in Accounts Payable	-16.71	-2.79	-1.47	4.10	1.37	0.79	-0.59	-1.61	3.80
Change in Other Working Capital	-75.27	-33.14	1.38	-10.67	-8.49	-8.55	-11.71	42.78	29.56
Other Operating Activities	67.23	21.00	1.38	24.47	21.50	18.40	-28.00	5.71	3.67
Net Cash from Operating Activities	18.26	42.51	34.09	-80.70	-61.71	-28.13	-88.48	-37.73	-64.78
Investing Activities
Capital Expenditures	-4.57	-9.69	-42.44	-7.59	-11.47	-4.78	-2.57	-0.35	0.00
Acquisitions	-347.74	0.00	0.00	-15.34	-56.06	-3.98	0.00	0.12	0.02
Purchases of Investments	-157.80	-273.79	-79.10	-5.00	-199.13	-16.02	-44.97	0.00	0.00
Sales/Maturities of Investments	221.72	58.13	119.55	0.00	59.06	20.00	24.99	0.00	0.00
Other Investing Activities	-16.41	128.71	0.38	32.80	56.06	20.00	-0.30	0.12	16.68
Net Cash from Investing Activities	-304.80	-96.65	-1.99	4.87	-151.54	15.22	-22.84	-0.23	16.68
Financing Activities
Debt Repayment	0.00	-133.17	-6.67	-1.09	-45.05	14.87	63.70	-5.00	15.43
Common Stock Issued	-3.26	-6.09	6.89	22.56	1.99	23.67	3.20	70.52	61.56
Common Stock Repurchased	0.00	0.00	-10.16	0.00	-0.50	0.00	0.00	0.00	0.00
Other Financing Activities	318.36	1.99	134.57	-0.06	-16.43	11.32	2.97	-4.23	-3.43
Net Cash from Financing Activities	315.10	-137.27	136.61	21.41	270.27	49.85	69.86	61.29	73.56
Summary
Net Change in Cash	28.55	-191.40	168.71	-54.42	57.02	36.94	-41.46	23.33	25.46
Cash at Beginning of Period	47.08	238.48	69.77	124.18	67.16	30.22	71.68	48.36	22.90
Cash at End of Period	75.63	47.08	238.48	69.77	124.18	67.16	30.22	71.68	48.36
Free Cash Flow	13.69	32.82	-8.35	-88.29	-73.18	-32.91	-91.05	-38.09	-64.78
Supplemental Disclosures
Interest Paid	-	17.51	18.28	8.85	11.27	3.56	-	-	-
Income Taxes Paid	-	4.26	-	-	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About MannKind Cash Flow

What is MannKind's free cash flow?

MannKind generated free cash flow of $13.69M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $18.25M minus $4.57M of capital expenditures. That was down 58.3% from $32.82M a year earlier. Free cash flow equaled 3.9% of revenue.

How much does MannKind spend on capital expenditures?

MannKind spent $4.57M on capital expenditures in fiscal 2025, compared with $9.69M a year earlier. That equals 25.0% of operating cash flow.

Does MannKind pay dividends or buy back shares?

MannKind's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition